Profile picture for ALLENKORTJE

IS BUYING ON AN OWNER CONTRACT LESS SAFE THAN A BANK LOAN

I AM THINKING OF BUYING THE HOME I AM RENTING. I JUST WONDER IF I STILL GET THE SAME RIGHTS AS I WOULD WITH A CONVENTIONAL LOAN.
  • April 16 2011 - Molalla
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Answers (3)

Great question.  DEFINITELY contact a real estate attorney to represent you.

Good luck.
  • April 17 2011
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Profile picture for Al McCaw
Yes you have the same rights because the laws of real estate protect you whether your real estate purchase is by loan, by cash or for sale by owner. Since you are the buyer, you should get a realtor to guide you through the home buying process. You as the buyer do not pay the realtor a commission. The seller does.
  • April 16 2011
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Do you mean you are considering Owner Financing? If that's what you mean, then you would need to read over the loan contract the seller/owner is offering. You can have a Title Company close you, just as in any transaction. If you are not working with your own real estate Buyer's Agent, it would be advisable to pay an attorney to advise you of the legal aspects of the transaction.
  • April 16 2011
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